Civic Intelligence

Sova Innovation Hub Corporation

EIN 84-2208618 • 501(c)3 • South Boston, VA

Profile

To promote economic development and encourage innovation for the benefit of the communities and citizens of southern virginia by offering impactful programming for digital skills education and workforce training.

715 Wilborn AveSouth Boston, VA 24592

sovainnovationhub.com

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

84th percentile

0.54x

Higher debt load relative to assets than 84% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2025

Liabilities / Revenue

92nd percentile

1.72x

Higher debt load relative to revenue than 92% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2025

Net Margin

29th percentile

-4.6%

Higher net margin than 29% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2025

Top Officer Pay

40th percentile

$0

Higher top officer pay than 40% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

501(c)3 • $1M-$5M nonprofits • Source year 2025

Asset Growth

91st percentile

60%

Faster asset growth than 91% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Annualized from 2024 to 2025

Revenue Growth

81st percentile

43%

Faster revenue growth than 81% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Annualized from 2024 to 2025

Balance Sheet
Liabilities / Assets84th percentile

Assets

Down

$1,430,082

Down $185,476 (-11%) from 2023

Liabilities

Down

$348,761

Down $176,194 (-34%) from 2023

Net Assets

Down

$1,081,321

Down $9,282 (-0.9%) from 2023

Operations
Liabilities / Revenue92nd percentileNet Margin29th percentile

Revenue

Down

$502,048

Down $214,138 (-30%) from 2023

Expenses

Down

$511,330

Down $238,935 (-32%) from 2023

Net Income

Up

-$9,282

Up $24,797 (+73%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth91st percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$2.0M$1.5M$1.0M$500K$0Assets 2020: $227,475Liabilities 2020: $267Net Assets 2020: $227,2082020Assets 2021: $798,105Liabilities 2021: $4,958Net Assets 2021: $793,1472021Assets 2022: $1,222,252Liabilities 2022: $97,570Net Assets 2022: $1,124,6822022Assets 2023: $1,615,558Liabilities 2023: $524,955Net Assets 2023: $1,090,6032023Assets 2024: $1,430,082Liabilities 2024: $348,761Net Assets 2024: $1,081,3212024

Highlighted filing

2024

Assets$1,430,082
Liabilities$348,761
Net Assets$1,081,321
Open 2024 Filing

Operations Trend

Revenue Growth81st percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$1.0M$500K$0-$500KRevenue 2020: $227,500Expenses 2020: $292Net Income 2020: $227,2082020Revenue 2021: $961,279Expenses 2021: $395,340Net Income 2021: $565,9392021Revenue 2022: $890,987Expenses 2022: $584,357Net Income 2022: $306,6302022Revenue 2023: $716,186Expenses 2023: $750,265Net Income 2023: -$34,0792023Revenue 2024: $502,048Expenses 2024: $511,330Net Income 2024: -$9,2822024

Highlighted filing

2024

Revenue$502,048
Expenses$511,330
Net Income-$9,282
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,430,082
Liabilities
$348,761
Net assets
$1,081,321
Revenue
$502,048
Expenses
$511,330
Net income
-$9,282
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$1.43$0.35$1.08$0.50$0.51$0.01
2023Detailed filing. Detailed filing data is available for this year.$1.62$0.52$1.09$0.72$0.75$0.03
2022Detailed filing. Detailed filing data is available for this year.$1.22$0.10$1.12$0.89$0.58$0.31
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.80$0.00$0.79$0.96$0.40$0.57
2020Detailed filing. Detailed filing data is available for this year.$0.23$0.00$0.23$0.23$0.00$0.23
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
Mar 18, 2025
Return Version
2023v6.0
Gross Receipts
$502,048
Mission and Program Overview

Mission

To promote economic development and encourage innovation for the benefit of the communities and citizens of southern virginia by offering impactful programming for digital skills education and workforce training.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$717,131$755,041▲ $37,910
Intangible Assets$493,438$296,063▼ $197,375
Land, Buildings, and Equipment, Net$145,859$119,798▼ $26,061
Pledges and Grants Receivable$166,777$14,411▼ $152,366
Accounts Receivable$897$12,700▲ $11,803
Prepaid Expenses and Deferred Charges$2,530$11,748▲ $9,218
Total Assets$1,615,558$1,430,082▼ $185,476
Other Assets Total$88,926$220,321▲ $131,395
Liabilities
Other Liabilities$503,189$307,921▼ $195,268
Accounts Payable and Accrued Expenses$8,998$28,882▲ $19,884
Deferred Revenue$12,768$11,958▼ $810
Total Liabilities$524,955$348,761▼ $176,194
Net Assets / Fund Balance
Net Assets With Donor Restrictions$856,069$842,845▼ $13,224
Net Assets Without Donor Restrictions$234,534$238,476▲ $3,942
Total Net Assets Fund Balance$1,090,603$1,081,321▼ $9,282
Total Liabilities and Net Assets / Fund Balance$1,615,558$1,430,082▼ $185,476

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$76,859$23,391$100,250
Equipment$42,939$53,953$96,892
Other Assets Org$220,321--
Compensation and Service Providers
Top Officer Pay40th percentile

Board Members and Trustees

NameTitle
Thomas DerisoChairman
Jeremy SatterfieldVice Chair
Phillip LloydTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$429,398
Program Service Revenue
$72,650
Investment Income
$0
Other Revenue
$0
All Other Contributions
$374,134
Change in Net Assets
$-9,282

Audited Revenue Reconciliation

Revenue per Audited Statements
$502,048
Revenue Not Reported on Form 990
$253,303
Total Revenue per Audited Statements
$755,351
Total Revenue per Form 990
$502,048
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$499,330
Grants and Similar Amounts Paid$12,000
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Occupancy-$212,085-$212,085
Advertising$27,206$37,144-$64,350
Depreciation Depletion-$26,062-$26,062
Conferences and Meetings$11,186$1,638-$12,824
Grants to Domestic Orgs$12,000--$12,000
Office Expenses-$6,939-$6,939
Information Technology$88$4,968-$5,056
Fees for Services Legal$4,405--$4,405
Insurance-$3,754-$3,754
Fees for Services Accounting-$2,100-$2,100
Travel-$2,015-$2,015
Other Expenses$643$851-$851
Total Functional Expenses$208,034$303,296$0$511,330

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$764,633
Expenses per Audited Statements$511,330
Total Expenses per Form 990$511,330
Expenses Not Reported on Form 990$253,303
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Lease Liability$307,921
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
No
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 11B

“The board members review the form 990 prior to filing.”

Form 990, Page 6, Part VI, Line 12C

“An annual request for disclosure of potential conflicts of interest is completed by all officers and directors to determine if there are any significant risks to the organization. After disclosure of a financial interest and all material facts relating to a financial interest, and after any discussion with an interest person, he/she shall recuse himself/herself while the financial interest is discussed and voted upon. The remaining board of executives committee members shall decide if a conflict of interest exists.”

Form 990, Page 6, Part VI, Line 19

“Financial statements, governing documents, and conflict of interest policies are not required to be disclosed. Accordingly, these documents are not available to the public at this time.”

Filing and Contact Details

Filer

Filer Name
Sova Innovation Hub Corporation
EIN
84-2208618
Phone
4345701301
Address
715 WILBORN AVE, SOUTH BOSTON, VA 24592

Signing Officer

Name
Phillip Lloyd
Title
Treasurer
Phone
4345701301
Signed
2025-03-18
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Thomas Deriso
Formed
2019
Legal Domicile
Va
Voting Board Members
3
Independent Board Members
3
Employees
0

Preparer

Firm
Robinson Farmer Cox Associates
Address
530 WESTFIELD RD, CHARLOTTESVILLE, VA 22901-1726
Preparer
David E Foley
Phone
4349738314
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

“Managed services 253,303 managed services -253,303”

Financial Statement Notes

Schedule D, Page 4, Part XI, Line 2D

“MANAGED SERVICES 253,303”

Schedule D, Page 4, Part XII, Line 2D

“MANAGED SERVICES 253,303”

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This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990ScheduleD/RevenueNotReportedAmt0253303
IRS990ScheduleD/RevenueSubtotalAmt0502048
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0MANAGED SERVICES 253,303
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1MANAGED SERVICES 253,303
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 4, PART XI, LINE 2D
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1SCHEDULE D, PAGE 4, PART XII, LINE 2D
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0119798
IRS990ScheduleD/TotalBookValueOtherAssetsAmt0220321
IRS990ScheduleD/TotalExpensesPerForm990Amt0511330
IRS990ScheduleD/TotalLiabilityAmt0307921
IRS990ScheduleD/TotalRevenuePerForm990Amt0502048
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0755351
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0764633
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE BOARD MEMBERS REVIEW THE FORM 990 PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1AN ANNUAL REQUEST FOR DISCLOSURE OF POTENTIAL CONFLICTS OF INTEREST IS COMPLETED BY ALL OFFICERS AND DIRECTORS TO DETERMINE IF THERE ARE ANY SIGNIFICANT RISKS TO THE ORGANIZATION. AFTER DISCLOSURE OF A FINANCIAL INTEREST AND ALL MATERIAL FACTS RELATING TO A FINANCIAL INTEREST, AND AFTER ANY DISCUSSION WITH AN INTEREST PERSON, HE/SHE SHALL RECUSE HIMSELF/HERSELF WHILE THE FINANCIAL INTEREST IS DISCUSSED AND VOTED UPON. THE REMAINING BOARD OF EXECUTIVES COMMITTEE MEMBERS SHALL DECIDE IF A CONFLICT OF INTEREST EXISTS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2FINANCIAL STATEMENTS, GOVERNING DOCUMENTS, AND CONFLICT OF INTEREST POLICIES ARE NOT REQUIRED TO BE DISCLOSED. ACCORDINGLY, THESE DOCUMENTS ARE NOT AVAILABLE TO THE PUBLIC AT THIS TIME.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3MANAGED SERVICES 253,303 MANAGED SERVICES -253,303
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART XI, LINE 9
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt01615558
IRS990/TotalAssetsEOYAmt01430082
IRS990/TotalAssetsGrp/BOYAmt01615558
IRS990/TotalAssetsGrp/EOYAmt01430082
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt0429398
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0303296
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0208034
IRS990/TotalFunctionalExpensesGrp/TotalAmt0511330
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0524955
IRS990/TotalLiabilitiesEOYAmt0348761
IRS990/TotalLiabilitiesGrp/BOYAmt0524955
IRS990/TotalLiabilitiesGrp/EOYAmt0348761
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt01090603
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt01081321
IRS990/TotalProgramServiceExpensesAmt0208034
IRS990/TotalProgramServiceRevenueAmt072650
IRS990/TotalRevenueGrp/ExclusionAmt072650
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0502048
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt01615558
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt01430082
IRS990/TravelGrp/ManagementAndGeneralAmt02015
IRS990/TravelGrp/TotalAmt02015
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
IRS990/VotingMembersGoverningBodyCnt03
IRS990/VotingMembersIndependentCnt03
IRS990/WebsiteAddressTxt0HTTPS://SOVAINNOVATIONHUB.COM/
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02025-03-06 01:10:19Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0PHILLIP LLOYD
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0TREASURER
ReturnHeader/BusinessOfficerGrp/PhoneNum04345701301
ReturnHeader/BusinessOfficerGrp/SignatureDt02025-03-18
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0SOVA INNOVATION HUB CORPORATION
ReturnHeader/Filer/BusinessNameControlTxt0SOVA
ReturnHeader/Filer/EIN0842208618
ReturnHeader/Filer/PhoneNum04345701301
ReturnHeader/Filer/USAddress/AddressLine1Txt0715 WILBORN AVE
ReturnHeader/Filer/USAddress/CityNm0SOUTH BOSTON
ReturnHeader/Filer/USAddress/StateAbbreviationCd0VA
ReturnHeader/Filer/USAddress/ZIPCd024592
ReturnHeader/IRSResponsiblePrtyInfoCurrInd0true
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0541896113
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0ROBINSON FARMER COX ASSOCIATES
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0530 WESTFIELD RD
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0CHARLOTTESVILLE
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0VA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0229011726
ReturnHeader/PreparerPersonGrp/PhoneNum04349738314
ReturnHeader/PreparerPersonGrp/PreparationDt02025-03-18
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0DAVID E FOLEY
ReturnHeader/ReturnTs02025-03-21T13:59:54-04:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02023-07-01
ReturnHeader/TaxPeriodEndDt02024-06-30
ReturnHeader/TaxYr02023

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